Fixed Crane Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Fixed Crane Market

The global fixed crane market has been experiencing significant growth, driven by advancements in technology, increased infrastructure investments, and the rising adoption of rental services. In 2018, the market was valued at USD 10.26 billion and is projected treach USD 22.66 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.

Technological Advancements: The Role of Telematics

One of the pivotal factors propelling the fixed crane market is the integration of telematics intconstruction equipment. Telematics systems offer numerous benefits, including asset allocation, streamlined maintenance and repair schedules, reduced fuel consumption, and enhanced productivity. By providing real-time operational data, these systems enable users tmonitor and control equipment efficiently. For instance, Manitowoc's CraneSTAR is an asset management system designed specifically for the crane industry, facilitating real-time equipment monitoring and control.

Infrastructure Investments: A Catalyst for Growth

Significant investments by governments and private sectors in constructing new commercial and residential buildings, as well as public infrastructure, are bolstering the fixed crane industry. The Institute of Civil Engineers projected that the global construction market would reach approximately USD 8 trillion by the end of 2030, driven primarily by developments in the U.S., China, and India. This surge is attributed tincreasing urbanization, particularly in Asian and Latin American countries, which is creating substantial demand for residential infrastructure.

Emergence of Equipment Rental Services

In emerging economies, there is a notable rise in equipment rental service businesses. Organizations such as the Construction Equipment Rental Association (CERA) and the European Rental Association (ERA) are advocating for rental equipment services due ttheir comfort, safety, and affordability. Renting construction equipment reduces the costs associated with purchasing, warehousing, and maintenance. This trend is particularly beneficial for construction contractors with budget constraints, allowing them taccess modern equipment without significant capital expenditure.

Market Segmentation: Types and Applications

The fixed crane market is segmented based on type and application. By type, it includes overhead cranes, tower cranes, and others. The tower crane segment is anticipated thold the highest market share during the forecast period, driven by increasing demand in construction, shipbuilding, and power and utilities sectors. Tower cranes are favored for their high load capacity and efficiency in challenging environments. Overhead cranes are alsexperiencing growth due ttheir applications in industries such as shipbuilding, oil and gas, and mining.

By application, the market is divided intconstruction, oil and gas, shipbuilding, power and utilities, and others. The construction sector is expected twitness exponential growth due tongoing public and private infrastructure development. Governments and associations are investing in modernizing social infrastructure, including educational institutions and airports, thereby enhancing the market potential for fixed cranes. The power and utilities sector is alsprojected tgrow steadily, supported by investments from both government and private entities aiming texpand their operations.

Regional Insights: Asia Pacific Leading the Charge

Asia Pacific dominated the fixed crane market, holding a 45.90% share in 2018, and is expected tcontinue its dominance with the highest CAGR globally. This growth is attributed tincreased investments in construction and reconstruction activities within the region. For example, India's construction and infrastructure industry is projected treach approximately USD 738.5 billion by 2022, providing significant opportunities for the fixed crane market. Additionally, the rapid urbanization in countries like China and India is fueling the demand for residential and commercial infrastructure, further driving market growth.

Challenges: High Initial Costs and Safety Concerns

Despite the positive outlook, the fixed crane market faces challenges, including high initial procurement costs and safety concerns. The integration of advanced components and technologies tensure equipment and worker safety increases the overall manufacturing cost of these machines. Moreover, the availability of cost-effective used equipment limits the adoption of new machinery. Construction contractors with budget constraints often opt for rental services or used equipment, which can hinder market growth.

Key Industry Players and Strategic Developments

Major players in the fixed crane market are actively participating in industry events and adopting strategic developments tenhance their product portfolios. For instance, Manitowoc regularly participates in construction trade shows like CONEXPO, showcasing advanced products tmeet diverse customer needs. The company focuses on strategic developments that add value tstakeholders and customers. In March 2020, Manitowoc, through its Potain self-erecting tower crane dealer, partnered with Bronson Crane, a self-erecting tower crane rental service provider in Utah, and won first place at CONEXPO.

Conclusion

The fixed crane market is poised for substantial growth, driven by technological advancements, increased infrastructure investments, and the rise of equipment rental services. However, addressing challenges such as high initial costs and safety concerns will be crucial for sustained development. With strategic initiatives and continuous innovation, key industry players are well-positioned tcapitalize on emerging opportunities in this dynamic market.

ATTRIBUTE DETAILS

Study Period - 2015-2026

Base Year - 2018

Forecast Period - 2019-2026

Historical Period - 2015-2017

Unit - Value (USD billion)

Segmentation By Type

• Overhead Crane
• Tower Crane
• Others (Bulk Handling Crane, etc.)

By Application

• Construction
• Oil & Gas
• Ship Building
• Power & Utilities
• Others (Mining, etc.)

By Region

• North America (the U.S. and Canada)
• Europe (U.K., Germany, France, Italy, and the Rest of Europe)
• Asia Pacific (Japan, China, India, and the Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
• Latin America (Brazil, Mexico, and the Rest of Latin America)

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